The TV business channel 24/7 crowd have more or less lapsed into sullen quietude over the continuing fall in the price of the oil commodity. Why? They can’t explain it in terms that they are willing to accept.
Some of the anchors are restive and asking embarrassing questions that are "slapped down" as quickly as they arise.
The rise of the dollar, the destruction of US demand, the unexpected decline of Asian demand, etc., etc., ad nauseam. These are the "herd" answers.
In fact, there was never really a short term shortage of petroleum. The talking heads and the mindless anchors on TV business shows hyped and hyped the long term shortages until the unthinking came to believe in oil shortages as every day fact. Talib, in "The Black Swan" describes this phenomenon. Once something like the phony oil shortage became "fact" then the oil commodity was a good candidate for the "play" of traders of the wild eyed variety. Now, they are getting out. This reveals the lack of "fundamentals" underneath todays prices.
A woman "talking head" on CNBC said today that oil is seeking an "equilibrium price" based on the real supply and demand situation. She was correct.
She was hooted down.